Bizkit, who peaked in 2000 when their third album, Chocolate Starfish and the Hot Dog Flavored Water, sold over one million copies in its first week, are most known for their aggressive content that fuses rock, hip hop and metal.
The band's frontman, Fred Durst, 41, confirmed the news on Twitter.
"Believe!!" he wrote in response to a question from a fan. Later Durst directed a tweet at Cash Money's founder and CEO Bryan "Baby" Williams.
"They going crazy Baby," he wrote.
In the same radio interview with NYC’s Kiss FM where he announced the signing, Lil Wayne also indicated that the record label had more recruits, namely Ashanti, and that they would be announced in the near future.
“I don't want to step across any boundaries but I think we’re working with Ashanti right now," Weezy said of a possible deal with the R&B singer. Ashanti recently announced her own label partnership with E1 Entertainment two months ago.
Limp Bizkit recently reunited after a six-year hiatus for their sixth album, Gold Cobra, which peaked at number 16 on Billboard when it was released last year.